Essay: What is Laissez-Faire

Laissez-faire is a doctrine that existed in the 18th century. It referred to a government policy of economic non-intervention (Barbara, 1998). This policy was very important in capitalist economic philosophy. It promoted the idea if free trade and encouraged the promotion of freedom to businesses to operate as they wished.

As Thomas Jefferson observed, the Laissez-faire was very important especially bearing in mind that “the least governed business operations were the best governed businesses” (Barbara, 1998). This policy protested the government’s overregulation of commerce and industry. It was thus a principle that advocated for the promotion of the freedom to businesses to conduct their operations as they wished.